DALLAS, TEXAS (April 23, 2020) – The Vineyards at Arlington Apartments, located 2007 Springcrest Drive in Arlington, Texas, was recently sold. The two and three-story, 396-unit multifamily property, built in 1985 spread out over 31 buildings and 16.4 acres.
NorthMarq’s Dallas Investment Sales team of Taylor Snoddy, managing director, James Roberts, senior vice president, and Philip Wiegand, senior vice president represented the seller in this transaction. The buyer was Pegasus Real Estate, LLC. Vineyards at Arlington, LLC and Arlington Realty Owner De, LLC was the seller.
“Vineyards at Arlington is a great example of a true class B value add opportunity with 100% classic interiors in Central Arlington,” said Snoddy. “The buyer is planning an expansive renovation to the asset to better compete in the submarket. Marketing of this property received tremendous interest with several well capitalized buyers to choose from.”
NorthMarq’s Dallas debt/equity team of Stephen Whitehead, managing director, Lauren Bresky, senior vice president and William Hancock, vice president secured acquisition financing for the property as well as found the buyer an equity partner. NorthMarq sourced a bridge loan for the transaction because of the business plan of the sponsor, they needed a large future funding component in order to renovate the entirely classic units.
“The units provided the buyer a blank canvas and left a large upside to be seen at the asset after renovation. We used that upside to bring multiple equity groups to the table and ultimately selected the group that best aligned with the sponsorships goals,” said Hancock.
Property amenities include: community amenity package that includes a swimming pool, racquetball court, volleyball court, business center, movie theatre, resident clubhouse, fitness center, dog park, picnic area, playground and activity center.
Apartment amenities include: Fully equipped kitchen with dishwasher and disposal, tile backsplash and black appliances in select units, brushed nickel hardware, faux wood flooring in select units, ceiling fans, patio/balcony and walk-in closets
One of the main contributors to Arlington’s dynamic population growth has been the continuous expansion of freeway systems in the DFW metroplex. Arlington is located along I-30, the main thoroughfare that connects Dallas and Fort Worth. Over the last 5 years, Central Arlington has recorded an average annual rent growth of 6.2 percent, with revenue growth increasing at a similar 6.4 percent. Vineyards at Arlington has nearly doubled the market’s performance, with a 12 percent year over year rental increase since 2014. Much of the high demand can be attributed to the Property’s strong location with frontage on 2 major thoroughfares, and just 1 mile southeast of the SH-360 and Spur 303 intersection that accommodates over 190,000 vehicles per day. Proximity to these major thoroughfares allows residents immediate access to some of the largest employment and service facilities the metroplex has to offer such as: Arlington Entertainment District, The GM Assembly Plant, Great Southwest Industrial Park, University of Texas at Arlington, and the Medical Center of Arlington.